Armour Security (India)Share price, financial results, shareholding and management
- Market cap
- ₹44 cr
- Stock P/E
- 8.3peers 11.4
- Book value
- ₹27.7
- Price to book
- 0.94
- EV / operating profit
- 5.5
- Market cap to sales
- 0.93
- ROCE · FY26
- 22.8%
- ROE · FY26
- 16.3%
- ROE, 3-year average
- 23.2%
- Operating margin · FY26
- 17.4%peers 14.3%
- Sales growth, 3 years
- 17.7%
- Profit growth, 3 years
- 32.9%
- Debt to equity
- 0.02peers 0.33
- Borrowings
- ₹1.1 cr
- Interest cover
- 12.9×
- Cash from business / op. profit
- -10%
- Debtor days
- 60
- Pledged
- 0.00%
- Promoter holding
- 70.12%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 663
- High / low since listing
- ₹46 / ₹16
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Armour Security (India) share price chart
Close on 6 Nov 2026 · -3.88% on the day · Vol 8,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +31.6%
- 3 months
- +41.7%
- 6 months
- +11.8%
- Since IPO
- -54.4%
- Traded a day, 20 days
- ₹0.05 cr
- Taken for delivery
- 94%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +32% | +34% |
| 3 years, a year | +18% | +33% |
| Latest half, H2 FY26 | +49% | +62% |
About Armour Security (India): business, products and customers
Armour Security supplies security guards, housekeeping staff and other contract workers to colleges, hospitals, government offices and companies, mostly in and around Delhi. Its shares trade on NSE Emerge.
Armour Security (India), set up in 1999 and based in New Delhi, places trained guards, supervisors, housekeepers, data entry operators and other staff at client sites and manages them there; it also installs CCTV and access control and covers events. It had 1,609 people on its rolls at the time of the offer document and holds a licence under the Private Security Agencies Regulation Act.
Most work is won by bidding in tenders, including on the government's GeM portal, and is billed each month for the staff deployed. That shapes the numbers: revenue rises and falls with headcount, most of it pays the staff's wages and statutory dues, and wages go out every month before clients pay, so a growing order list ties up working capital. Clients in education and healthcare gave about seven tenths of FY25 revenue, and government clients a little over half.
Read more about the business
The offer document compares the company with Kapston Services, a listed security and facility management company that does the same kind of work at a much larger scale and reports far thinner margins. The company listed in January 2026, raising ₹26.5 crore at ₹57 a share, mainly for working capital, with smaller sums for equipment and vehicles and to repay loans.
From the offer document (prospectus, January 2026).
Read the deeper study ↓In its favour
- It earns a high return on the money it uses: ROCE 23% in FY26.
- It has little debt for its size: debt to equity 0.02.
- The promoters own a large part of the company: 70.12%.
To watch
- The Delhi GST order of 22 December 2025 for FY22, against which the company said it was filing an appeal and a waiver application (Offer document, p.280).
- CGST notices of September 2025 for FY18 to FY20, which the company intends to challenge in the High Court and has not counted as a contingent liability (Offer document, p.280 and p.281).
- The service tax demand under a February 2022 notice, still awaiting a hearing (Offer document, p.279).
- Use of the ₹15.1 crore of IPO money set aside for working capital (Offer document, p.105).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Armour Security (India) revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew roughly in step with sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Armour Security (India) half-yearly results
SME companies report every six months · ₹ crore
| H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|
| Sales | 17.23 | 18.42 | 19.68 | 27.40 |
| Expenses | 13.77 | 16.90 | 15.38 | 23.51 |
| Operating profit | 3.46 | 1.52 | 4.30 | 3.89 |
| OPM | 20.1% | 8.3% | 21.9% | 14.2% |
| Interest | 0.10 | 0.25 | 0.34 | 0.29 |
| Depreciation | 0.11 | 0.11 | 0.09 | 0.10 |
| Profit before tax | 3.34 | 1.97 | 3.88 | 3.59 |
| Net profit | 2.49 | 1.49 | 2.90 | 2.41 |
Armour Security (India) profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 26.81 | 28.85 | 32.93 | 35.66 | 47.08 |
| Expenses | 26.22 | 25.68 | 29.21 | 30.63 | 38.89 |
| Operating profit | 0.59 | 3.17 | 3.72 | 5.03 | 8.18 |
| OPM | 2.2% | 11.0% | 11.3% | 14.1% | 17.4% |
| Other income | 0.10 | 0.12 | 0.17 | 0.91 | 0.11 |
| Interest | 0.08 | 0.08 | 0.17 | 0.41 | 0.63 |
| Depreciation | 0.22 | 0.19 | 0.22 | 0.22 | 0.19 |
| Profit before tax | 0.39 | 3.02 | 3.50 | 5.31 | 7.47 |
| Tax rate | 25.6% | 25.2% | 25.1% | 25.2% | 28.9% |
| Net profit | 0.29 | 2.26 | 2.62 | 3.97 | 5.31 |
| EPS ₹ | · | · | 2.14 | 3.25 | 4.06 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Armour Security (India) profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 2.2% | 11.0% | 11.3% | 14.1% | 17.4% |
| Tax rate | 25.6% | 25.2% | 25.1% | 25.2% | 28.9% |
| ROCE | · | 98.4% | 35.6% | 29.1% | 22.8% |
| ROE | · | 95.2% | 29.2% | 24.1% | 16.3% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Armour Security (India) debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Armour Security (India) balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 0.01 | 0.01 | 12.22 | 12.22 | 16.87 |
| Reserves | 1.25 | 3.48 | 2.24 | 6.21 | 29.90 |
| Net worth | 1.26 | 3.49 | 14.46 | 18.43 | 46.77 |
| Borrowings | 0.70 | 0.85 | 1.80 | 4.69 | 1.06 |
| Other liabilities | 9.99 | 11.17 | 7.35 | 4.25 | 3.49 |
| Total liabilities | 11.95 | 15.51 | 23.61 | 27.37 | 51.32 |
| Fixed assets | 0.83 | 0.75 | 7.30 | 7.69 | 7.93 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 11.12 | 14.76 | 16.31 | 19.68 | 43.39 |
| Receivables | · | · | · | · | 7.72 |
| Inventory | · | · | · | · | 14.07 |
| Cash | · | · | · | · | 0 |
| Trade payables | · | · | · | · | 0.13 |
Armour Security (India) cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | · | 0.45 | 0.60 | 0.23 | -0.82 |
| Cash from investing | · | -0.55 | -2.01 | -4.01 | -11.04 |
| Cash from financing | · | 0.12 | 2.72 | 2.56 | 22.28 |
| Net cash flow | · | 0.02 | 1.31 | -1.22 | 10.42 |
| Capital spending | · | · | · | · | 0 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 86 | 117 | 86 | 83 | 60 |
| Cash conversion cycle | 86 | 117 | 86 | 83 | 109 |
| Working capital days | -34 | -7 | 11 | 32 | 93 |
Armour Security (India) peers and competitors
Listed SME companies in the same industryBy sales, Armour Security (India) is number 47 of the 86 listed SME companies in commercial services & supplies.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Falcon Technoprojects India | 6 | 2.1 | 57.3 | 3 | 8.5% | 1.33 |
| Dhara Rail Projects | 189 | 12.3 | 56.7 | 15.4 | 35.1% | 0.18 |
| Moving Media Entertainment | 43 | 3.4 | 51.3 | 12.6 | 71.7% | 0.27 |
| Armour Security (India) | 44 | 8.3 | 47.1 | 5.3 | 17.4% | 0.02 |
| Vrundavan Plantation | 22 | 12.6 | 42 | 1.8 | 8.2% | 0.39 |
| Techknowgreen Solutions | 101 | 10.4 | 41.1 | 9.7 | 36.4% | 0.19 |
| Aegeus Technologies | 97 | 24.2 | 40.9 | 4 | 16.7% | 0.77 |
| Rithwik Facility Management Services | 48 | 13.6 | 40.2 | 3.5 | 11.9% | 0.10 |
| Kandarp Digi Smart BPO | 59 | 31.7 | 39.7 | 1.9 | 9.7% | 0.16 |
| Kaarya Facilities and Services | 14 | 7.1 | 38.9 | 2 | 11.5% | 3.82 |
| Gulf Lloyds (India) | 21 | 4.9 | 35.7 | 4.3 | 21.4% | 1.15 |
| Median of the 10 others | 46 | 11.4 | 41 | 3.8 | 14.3% | 0.33 |
Armour Security (India) shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Armour Security (India) shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | Jun 26 | |
|---|---|---|
| Promoters | 70.12% | 70.12% |
| HNIs (over ₹2 lakh each) | 6.39% | 7.11% |
| Small holders (up to ₹2 lakh) | 16.75% | 15.79% |
| Companies and others | 6.74% | 6.98% |
| Number of shareholders | 698 | 663 |
The named holders are at 30 June 2026, beside 31 March 2026, each under the group the pattern files them in.
Armour Security (India) study: the business from its own documents
Read from 1 of the company's own documentsArmour Security (India) so far
From the company's own record
- August 1999Company formed
- 22 Jan 2026Listed on NSE Emerge at ₹57
- 13 Oct 2026An order announced
- 30 June 2026Promoters at 70.12%
- 22 Jan 2026Highest close since listing, ₹39.35
Armour Security (India) key facts from the filings
Each figure with the document it comes from
- Revenue in FY25
- ₹35.7 cr
- Revenue from operations for the year to March 2025, up from ₹28.8 crore in FY23; the six months to September 2025 brought ₹19.7 crore.Offer document, p.131
- EBITDA margin
- 21.8%
- Margin in the six months to September 2025, against 13.9% in FY25 and 10.8% in FY23.Offer document, p.131
- Listed peer's margin
- 4.7%
- EBITDA margin of Kapston Services, the peer named in the offer document, for the six months to September 2025.Offer document, p.134
- Top ten clients
- 76.5%
- Share of FY25 revenue from the ten largest clients; the five largest gave 63.9%.Offer document, p.271
- Delhi's share
- 43.6%
- Share of FY25 revenue from Delhi; Uttar Pradesh added 22.4% and Maharashtra 19.0%.Offer document, p.173
Show 5 more facts
- Government clients
- 53.5%
- Share of FY25 revenue from government clients, up from 42% in FY24.Offer document, p.111
- Guarding share
- 50%
- Share of revenue from security manpower in the six months to September 2025; other manpower was 28% and housekeeping 22%.Offer document, p.271
- Days to get paid
- 159 days
- Trade receivable days at September 2025, up from 81 days in FY25.Offer document, p.174
- Contingent liabilities
- ₹9.2 cr
- Mostly service tax and GST demands, equal to 43.3% of net worth at September 2025.Offer document, p.46
- Repeat clients
- 60 of 83
- Clients served in the six months to September 2025 who had also been served in earlier years.Offer document, p.167
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Armour Security earns a margin on every guard and worker it places, billed monthly to clients who mostly come through tenders.
Its reported margins are much higher than the listed peer's, while a few clients, one city and large tax disputes make it fragile.
WatchCan it set its own prices?Most contracts are won in tenders, where the lowest workable price tends to win.
AverageHow strong is it against rivals?It has a long record and licences, and many clients come back, but it is a small regional supplier in a crowded field.
WatchWho are its customers?Colleges, hospitals and government offices, but a handful of them give most of the money.
WatchDoes it need a lot of money?It needs almost no machinery, but it pays wages before clients pay, and clients have been paying more slowly.
AverageCan it keep finding new work?It keeps winning and renewing contracts, and healthcare work has grown quickly, but each year depends on new tenders.
AverageDo good and bad years swing a lot?The work is needed all year and revenue has risen each year, but losing one large client could change a year sharply.
Who runs Armour Security (India)?
Promoters, directors and officers; tap a name for the background
AGArnima GuptaPromoter and Managing Director · holds 35.06% after the IPO
Bachelor of Arts from Chaudhary Charan Singh University, Meerut (2004), with more than 15 years in the manpower industry. On the board since 1 July 2008 and Managing Director from 18 February 2025; responsible for strategy, business development, financial decisions and risk. The offer document states Arnima Gupta is the spouse of Vinod Gupta.
Offer document, p.102, p.195, p.198, p.201 and p.213VGVinod GuptaPromoter; former Managing Director · holds 35.06% after the IPO
Bachelor of Arts from Delhi University (1995), with over 25 years in the manpower industry; the offer document notes that documentary proof of the degree was destroyed in a fire. Executive Director at various times since incorporation and Managing Director from May 2024 until resigning on 18 February 2025 for personal reasons. The offer document records that Vinod Gupta was disqualified as a director from November 2016 to October 2021 while still shown as a director of the company.
Offer document, p.102, p.209, p.212, p.213 and p.281BBBrij Bhushan GuptaWhole-time Director
MBA from Madurai Kamaraj University (2011). Earlier an operations manager with the Delhi Building and Other Construction Workers Welfare Board for over seven years; joined the company as public relations officer in February 2024 and became Whole-time Director on 18 February 2025, looking after legal and regulatory matters.
Offer document, p.198SJSubodh JindalChief Financial Officer
Senior accountant with the company since May 2018, with six years in accounting, finance and taxation; Chief Financial Officer from 5 April 2024.
Offer document, p.209NKNilendra KumarIndependent Director
36 years in the Indian Army from 1982 to 2018, including as Additional Director General of the NCC; then Managing Director of UP Purva Sainik Kalyan Nigam, a state undertaking that finds jobs for ex-servicemen, from 2020 to 2023. On the board since 17 August 2024.
Offer document, p.198SSShrikant Shriram ModakIndependent Director
Senior journalist with more than 30 years in editorial positions at business newspapers; earlier with the Institute of Rural Management, Anand and Pfizer. On the board since 12 January 2024.
Offer document, p.198KKKrishna Kumar SinghIndependent Director
Law graduate of Delhi University with about two decades of practice before courts and tribunals. The offer document notes a past period of disqualification as a director owing to filing defaults at another company, since ended.
Offer document, p.197 and p.198Armour Security (India) latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹27.4 cr (+49%), net profit ₹2.4 cr (+62%) on H2 FY25.
- Shareholding, 30 June 2026: promoters unchanged at 70.12%.
- 13 Oct 2026: an order announced.
Armour Security (India) announcements
9 on record, latest first; each opens the filing on the exchange
- Price movementSignificant movement in price has been observed in Armour Security (India) Limited. The Exchange, in order to ensure that investors have latest relevant informaPDF ↗
- Updates''. Proceedings of Annual General MeetingPDF ↗
- General UpdatesGeneral UpdatesPDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Disclosure under SEBI Takeover Regulationsof Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011PDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Armour Security (India) Limited for the quarter ended 31-Mar-2026 with respect to Regulation 33 of the SEBI (Listing PDF ↗
- Outcome of Board Meeting, the financial results for the period ended March 31, 2026PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Disclosure of material issueArmour Security (India) Limited has informed regarding Disclosure of material issuePDF ↗
Armour Security (India) annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Armour Security (India) share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Armour Security (India)'s data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,68,70,000 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Armour Security (India)
What does Armour Security (India) do?
Armour Security supplies security guards, housekeeping staff and other contract workers to colleges, hospitals, government offices and companies, mostly in and around Delhi. Its shares trade on NSE Emerge.
What is the share price of Armour Security (India)?
₹26 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Armour Security (India)?
₹44 cr at the close on 6 Nov 2026, on 1,68,70,000 shares.
What is the P/E of Armour Security (India)?
8.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Armour Security (India)'s revenue and profit?
Revenue ₹47 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Armour Security (India)?
Arnima Gupta, Vinod Gupta; promoters held 70.12% at 30 June 2026.
What was the IPO price of Armour Security (India)?
₹57 a share; it listed on 22 Jan 2026.
What is Armour Security (India)'s website?
www.armoursecurities.com
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Every listed SME company in Commercial Services & Supplies → · SME companies listed in 2026 →
Built from 1 offer document, 9 exchange announcements, 2 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.